Online Pawnbroker Sees Increase In Short Term Loans For Christmas

Online pawnbroker, Borro.com has seen a 400% increase in short term loans as people need extra cash for Christmas.

People are turning to short term loans to help them pay for their Christmas celebrations.

As Paul Aitken, CEO of borro.com said: “The number of people approaching borro.com for loans to help pay for Christmas presents increased dramatically in November.

There are definitely more people looking to free up cash from their assets this year compared to last. We believe this is due to the lack of lending by banks, and the high levels of interest being offered on payday loans.”

As we reported yesterday, with gold reaching a new high of $1400 an ounce, even a small amount of gold in a ring or necklace can be very valuable to secure a short term loan at a pawnbroker.

Examples of what you could get for pawned items include

• 1 ct Diamond White Gold Ring, with a loan amount of £800 you could buy an iPad, an Xbox console with Kinect and a sold out Heston Blumenthal Christmas pudding.
• 1 Breitling Navitimer watch, with a loan amount of £600 you could buy a pair of Jimmy Choo shoes.

Using a pawnbroker is not recommended if you need money over the long period, as Paul adds “it’s really a solution for people who want money quickly for a finite period of a few months. It’s good for cashflow problems such as Christmas.”

borro.com is the leading short term asset lender in the UK, lending two times more money and at better rates than competitors. borro offer short term loans of £500 to £1,000,000 against assets of value including Jewellery, Luxury Watches, Fine Art, Antiques, Sculptures, Luxury Cars, Light Aircraft and other high value items.